Flats at Overton Square to offer live/work units

Flats of Overton Square, a 16-unit apartment building with four live/work spaces, will soon rise in Midtown.
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February 6, 2018 - Left to right - Aaron Petree, Cliff McLemore and Ed Thomas, with PMT Investments, stand in a lot at 43 Diana where Flats at Overton Square will be built over the coming year. Flats at Overton Square will be a 16-unit, three-story live/work development.(Photo: Yalonda M. James/The Commercial Appeal)Buy Photo

The Overton Square brand is expanding with the construction of a 16-unit apartment building to go with the existing restaurants, shops and theaters.

Flats at Overton Square will rise on an empty lot on Diana at Monroe, a block southwest of the Midtown entertainment district. Construction is to start this spring and be completed by early 2019.

The development continues a trend toward placing beds in and around the Square to go with all the entertainment and food. Overton Square owner Loeb Properties plans a 100-room boutique hotel next to Hattiloo Theatre, and neighboring landlord Taylor Caruthers plans to erect a building of ground-floor retail and upper-level apartments immediately west of Overton Square, across from the Prairie Farms milk plant.

The three-story Flats at Overton Square will offer four live/work units on the ground floor, and six residential units each on the second and third floors. Those units cannot be used for retail, but tenants can operate an office identified with a small placard.

Flats at Overton Square will offer four live/work units on the ground floor and six residential apartments on each of the second and third floors.(Photo: Arch Inc.)

A new development and investment firm, PMT Investments, is spending $1.9 million to build Flats at Overton Square. The three principals include Aaron Petree, who is vice president for brokerage for Loeb Properties.

Loeb Bros. Realty LP is selling the three tenths-of-an-acre lot to PMT Investments; the sale is to be completed this spring.

Loeb Properties is also granting PMT Investments the right to brand the apartments as an Overton Square entity. Otherwise, PMT Investments is an independent venture. The other principals are Cliff McLemore, owner of CBI Construction Co., and Ed Thomas, vice president for retail and multifamily for Colliers International.

The apartments will be only a block away, but are not contiguous to the Square's well known shops and restaurants along Madison and Cooper.

However, Flats at Overton Square is adjacent to Loeb Property's soon-to-open retail center at 2046 Union. That development will house Chipotle Mexican Grill and a Renasant bank branch.

Flats at Overton square is among the first live/work developments in Midtown.

The 16 units will range from 500 to 915 square feet. The four ground-floor live/work units will each have private entrances.

The second and third floors will each have two one-bedroom units and four studio apartments. Those units will have balconies as well as "modern'' finishes, "luxury'' fixtures and appliances including washers and dryers, and walk-in closets.

The U-shaped building will offer a landscaped courtyard with a gated security entrance, public art, and dedicated parking.

Architectural firm Arch Inc. designed the apartments. General contractor will be CBI Construction Co.

The developers applied for a tax incentive through the Downtown Memphis Commission. The tax break could save the developers about $25,000 a year for 11 years, and the project is estimated to create an extra $96,548 for local tax revenue above what the vacant land is generating, Petree said.